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Implats workers want to double wages

Sep 11 2012 08:00 Reuters

Company Data

IMPALA PLATINUM HOLDINGS LIMITED [JSE:IMP]

Last traded 94.60
Change -1.65
% Change -0.02
Cumulative volume 1138216
Market cap 59.81bn

Last Updated: 01/09/2014 at 03:33. Prices are delayed by 15 minutes. Source: McGregor BFA

GOLD FIELDS LIMITED [JSE:GFI]

Last traded 50.29
Change -0.12
% Change 0.00
Cumulative volume 837011
Market cap 38.99bn

Last Updated: 01/09/2014 at 03:31. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Impala Platinum Holdings [JSE:IMP], the world's No.2 platinum producer, said on Tuesday workers had demanded a second pay hike this year, to effectively double their wages in six months, the latest sign of labour unrest in the sector.

The demand comes as South African miners grapples with a wave of strikes that last month led to the death of 44 people, 34 at the hands of the police.

The unrest has also spread to gold producers, with Gold Fields [JSE:GFI] reporting that 15 000 miners had embarked on a wildcat strike at its KDC operations.

Implats granted workers an increase after a strike shut down production at its key Rustenburg operations in January and February this year, but the platinum producer says workers now want more.

"We believe that current tensions are an issue for the entire industry," said Implats chief executive Terence Goodlace in a statement.

He said that profit margins were under severe pressure "with consequences for all concerned".

South Africa's platinum industry has been struggling to survive as input costs such as electricity have spiked and metals prices fall.


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